2. February 2004 Copyright Ossur Össur hf. Financial overview 2003.
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Transcript of 2. February 2004 Copyright Ossur Össur hf. Financial overview 2003.
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2. February 2004 Copyright Ossur
Össur hf.
Financial overview 2003
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2. February 2004 Copyright Ossur
Financial highlights 2003
Sales 2003
Expenses 2003
Balance sheet 31.12.2003
Q4 financial highlights
GII Purchasing accounting
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2. February 2004 Copyright Ossur
Financial highlights 2003
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2. February 2004 Copyright Ossur
The EBITDA “gap”
EBITDA 10%
Unusual items 4%
= Normalized EBITDA 14%
R&D excess investment 3%
GPM slide 3%
= Targeted EBITDA 20%
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2. February 2004 Copyright Ossur
Unusual items 2003
• Severance & restructuring exp. 1.531.000 USD– Össur North America AV 723.000– Össur Engineering in Albion 28.000– Össur Engineering R&D in AV 299.000– Generation II USA in Seattle 204.000– Generation II Orthotics in Canada 106.000– Össur hf. 171.000
• Litigation expenses 2.200.000 USD
• DW relocation 280.000 USD
• Expensed acquisition process 300.000 USD
• Normalized EBITDA is 14%
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2. February 2004 Copyright Ossur
Income statement by quarters 2003
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2. February 2004 Copyright Ossur
14 18
46
68
81
94
0
10
20
30
40
50
60
70
80
90
100
1998 1999 2000 2001 2002 2003
US
D m
illi
on
s
Net sales 1998 - 2003
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2. February 2004 Copyright Ossur
1,11,9
5,2
8,6
10,1
4,7
0,0
2,0
4,0
6,0
8,0
10,0
12,0
1998 1999 2000 2001 2002 2003
USD
mill
ions
Net profit 1998 - 2003
Note: Unusual expenses 2003 4,3 million USD
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2. February 2004 Copyright Ossur
EPS 1999 - 2003
3,12
1,45
2,64
0,91
1,48
1999 2000 2001 2002 2003
US
Ce
nts
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2. February 2004 Copyright Ossur
Key ratios 2001-2003
42%
37%
41%
8% 9% 10%
18% 18%
10%11% 12%
5%
57%59%
63%
2001 2002 2003
% o
f sa
les
Gross profit
GS&M
R&D
EBITDA
Net profit
Note: Unusual expenses 2003 GPM= +0,5%, SG&A = -3,4%, R&D = -0,7%
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2. February 2004 Copyright Ossur
Key ratios 2003 / 2002
6.112 4.6619.428
94.467
54.235
10.05611.50114.310
81.284
47.851
13.183
-5.395-5.389-4.882
6.384
Net sales Gross Profit EBITDA Op. profit Net profit
US
D '000
2003 2002 Change
+ 16%
+13%
-34% -47% - 54%
Note: Unusual expenses 2003 4,3 million USD
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2. February 2004 Copyright Ossur
Sales 2003
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2. February 2004 Copyright Ossur
Sales by markets
Europe26%
Nordic13%
Other international
markets7%
North America49%
Domestic2%Mauch
3%
2003
North America52%
Europe21%
Nordic13%
Other international
markets7%
Domestic2%Mauch
5%
2002
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2. February 2004 Copyright Ossur
Sales by markets 2003
14.089
24.387
49.488
6.503 6.388
11.783
16.995
46.118
North America Europe Nordic Other
US
D '0
00 2003
2002
+ 7%
43%
+20%
+2%
Generation II was acquired October 3rd. 2003. GII sales in 2003 were 5.2 million in North America and 0,7 million in Europe.
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2. February 2004 Copyright Ossur
Sales growth 2003in local currency
7%
17%
3%
2%
0% 5% 10% 15% 20%
Nor
thA
mer
ica
Eur
ope
Nor
dic
Oth
er
Other
Nordic
Europe
NorthAmerica
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2. February 2004 Copyright Ossur
Sales growth 2003 (excluding GII)in local currency
-4%
17%
3%
2%
-10% -5% 0% 5% 10% 15% 20%
Nor
thA
mer
ica
Eur
ope
Nor
dic
Oth
erOther
Nordic
Europe
NorthAmerica
Excluding Generation II sales of 5,9 million USD. Generation II was acquired October 3rd. 2003.
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2. February 2004 Copyright Ossur
Net sales 2001-2003
18,6
21,2 21,420,1
21,722,7 22,4
27,7
16,818,1
17,1
Q12001
Q22001
Q32001
Q42001
Q12002
Q22002
Q32002
Q42002
Q12003
Q22003
Q32003
Q42003
US
D M
illio
ns
16,3
GII sales Q4 2003 is 5,9 million USD
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2. February 2004 Copyright Ossur
Expenses 2003
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2. February 2004 Copyright Ossur
S&M 2001-2003
23%
18%
20%21%
23%22%
18%
26%
22%23%
19%
21%20%
19%
15%
Q12001
Q22001
Q32001
Q42001
2001 Q12002
Q22002
Q32002
Q42002
2002 Q12003
Q22003
Q32003
Q42003
2003
% o
f s
ale
s
Note: Unusual S&M expenses is 0,5% in 2003
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2. February 2004 Copyright Ossur
R&D 2001-2003
7%
8%
9% 9%
10%
11%
9%
10% 10%
11%
7%7%7%
9%
6%
Q12001
Q22001
Q32001
Q42001
2001 Q12002
Q22002
Q32002
Q42002
2002 Q12003
Q22003
Q32003
Q42003
2003
% o
f s
ale
s
Note: Unusual R&D expenses 2003 is 0,7%
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2. February 2004 Copyright Ossur
G&A 2001-2003
16%15%
17%16% 16% 16%
17%
24%
19%
26%
20%
24%
16%
22%
19%
Q12001
Q22001
Q32001
Q42001
2001 Q12002
Q22002
Q32002
Q42002
2002 Q12003
Q22003
Q32003
Q42003
2003
% o
f sale
s
Note: Unusual G&A expenses 2003 2,9% in 2003
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2. February 2004 Copyright Ossur
EBITDA by Q 2001-2003
2,1
3,6
5,4
3,2
2,6
3,2
3,7
-0,1
3,94,2
2,5
Q12001
Q22001
Q32001
Q42001
Q12002
Q22002
Q32002
Q42002
Q12003
Q22003
Q32003
Q42003
US
D M
illio
ns
2,2
Note: Q4 unusual expenses 2.5 million USD
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2. February 2004 Copyright Ossur
EBITDA ratio
17%
25%
16%
18%
10%11%
16%
0%
10%11%
19%
23%
14%15%
24%
Q12001
Q22001
Q32001
Q42001
2001 Q12002
Q22002
Q32002
Q42002
2002 Q12003
Q22003
Q32003
Q42003
2003
% o
f s
ale
s
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2. February 2004 Copyright Ossur
Balance sheet 31.12.2003
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2. February 2004 Copyright Ossur
Balance sheet
2003 2002
Equity ratio 43% 56%
Current ratio 1.8 2.3
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2. February 2004 Copyright Ossur
Balance sheet 31. Dec 2003
65.571
44.011
36.555
38.347 19.768
Assets
Liabilities & Equity
US
D
'00
0
Equity
Fixed
43%
64% 36%
Current
Long term Short term
38% 19%
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2. February 2004 Copyright Ossur
A/R 30. Dec 2001-2003
9.854
12.403
14.965
Consolidated
USD '000
200320022001
+ 21%
+ 26%
Note: GII A/R are 3,3 million USD. Decrease in Ossur receivables is 6%.
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2. February 2004 Copyright Ossur
Inventories 30. Sept 2001-2003
9.873
12.358
12.415
Consolidated
USD '000
2003
2002
2001
+25%
0%
Note: GII Inventories are 1,6 million USD. Decrease in Ossur inventories is 12%.
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2. February 2004 Copyright Ossur
Q4 financial highlights
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2. February 2004 Copyright Ossur
Key ratios Q4 2003 / 2002
-1.349 -917
-78
27.651
15.243
2.7872.2793.183
20.077
11.038
7.574
-3.704-3.628-3.261
4.205
Net sales Gross Profit EBITDA Op. profit Net profit
US
D '0
00
Q4 2003 Q4 2002
Change
+ 38%
38%
-102% -159% -133%
Note: Unusual expenses 2.5 million USD in Q4 2003
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2. February 2004 Copyright Ossur
Key ratios Q4 2001 - 2003
-1.349 -917
-78
27.651
15.243
2.7872.2793.183
20.077
11.038
17.125
2.7703.4573.987
10.851
Net sales Gross Profit EBITDA Op. profit Net profit
US
D '0
00
Q4 2003 Q4 2002
Q4 2001
Note: Unusual expenses 2.5 million USD in Q4 2003
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2. February 2004 Copyright Ossur
Sales by markets Q4 2003 / 2002
3.720
6.661
15.683
1.587 1.357
3.215
4.803
10.702
North America Össur Europe B.V. Össur Nordic, AB Other international markets
US
D '0
00
2003
2002
+46%
16%
+39%
+17%
Note: GII sales in Q4 were 5.2 million in North America and 0,7 million in Europe.
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2. February 2004 Copyright Ossur
Key ratios Q4 2001-2003
37% 37%
51%
7%9% 10%
23%
16%
0%
16%14%
-3%
55%55%
63%
Q4 2001 Q4 2002 Q4 2003
% o
f sa
les
Gross profit
GS&M
R&D
EBITDA
Net profit
Note: Unusual expenses 2003 GPM= +0,6%, SG&A = -7,4%, R&D = -0,8%
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2. February 2004 Copyright Ossur
GII Purchasing accounting
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2. February 2004 Copyright Ossur
GII purchasing accounting
Operating fixed assets 2,521,000 USD
Liabilities - 2,171,000 USD
Working capital 5,000,000 USD
Intangible assets (amortized) 4,444,000 USD
Goodwill (impairment test) 22,801,000 USD
TOTAL 32,595,000 USD
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2. February 2004 Copyright Ossur
Thank you !